The Caribbean Development Bank (CDB) and the Export-Import (EXIM) Bank of China have signed a memorandum of understanding (MOU) which will allow both parties to discuss opportunities for cooperation and coordination in CDB’s Borrowing Member Countries (BMCs).

The MOU will allow both institutions to explore co-financing options, as well as coordinate development strategies, concepts and activities in those countries.

Speaking at the signing ceremony, Monica La Bennett CDB Vice-President (Operations), said both CDB and the EXIM Bank hold a common conviction of the importance of trade in promoting economic ties between China and Caribbean countries.

She noted, therefore, that the partnership had tremendous potential.

“We are especially optimistic about the prospects for co-financing projects in key sectors such as infrastructure; human resource development; agriculture; and renewable energy and energy efficiency.

“We, therefore, welcome this collaboration with the Export-Import Bank of China and look forward to combining our resources, knowledge and expertise to further the development of the Caribbean Region for the benefit of its people,” she said.

“CDB and EXIM Bank, we share the same target, to improve the economic development of Caribbean countries…I am quite sure that by signing this MOU we will expand this kind of cooperation and achieve the given result, the economic cooperation between China and Caribbean agencies,” added Yu Wen, Deputy General Manager, Corporate Business Department, Export-Import Bank of China.

The signing ceremony took place during a CDB-hosted conference on the use of Chinese Renminbi in the Caribbean, which was held at the Hilton Barbados Resort on July 10.

China EXIM Bank is a state-owned policy bank that supports China’s foreign trade, investment and international economic cooperation. It implements projects around the world, including in Latin America and the Caribbean.